Oak Creek, Colorado Property Taxes
The median property tax rate in Oak Creek, CO is 0.31%, considerably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Oak Creek at $526,925, the typical annual property tax bill reaches $1,615, significantly below the national median of $2,690. Property taxes in Oak Creek are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Oak Creek's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Oak Creek or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oak Creek, Colorado Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,100
Ownwell’s Oak Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oak Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oak Creek to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Oak Creek, Colorado
Property taxes in Oak Creek, Colorado, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Creek is 0.31%, significantly lower than both the Colorado state median of 0.51% and the U.S. national median of 0.99%. Local government entities within Oak Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak Creek estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Oak Creek's effective property tax rate to other counties in Colorado and the national median. For comparison, the highest median property tax rate in Colorado is found in 80111, with a rate of 0.66%, while the lowest median tax rate is in 81641, at just 0.21%. Understanding how these areas compare with Oak Creek provides valuable insights into the varying tax landscape across Rio Blanco County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oak Creek Tax Rate
0.31%
Average Rio Blanco County Tax Rate
0.43%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oak Creek, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80467 | 0.28% | 0.29% | 0.31% | 0.33% | 0.34% |
Source: Ownwell
Property Tax Assessment Values Across Oak Creek, Colorado
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Oak Creek, CO. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Rio Blanco County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Oak Creek, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Oak Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 80467 has both the highest and lowest median tax bill, which is $1,615.
Average Oak Creek Assessed Value
$526,925
Average Rio Blanco County Assessed Value
$159,630
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oak Creek, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80467 | $485,577 | $501,082 | $526,925 | $552,768 | $568,273 |
Source: Ownwell
Property Tax Bills Across Oak Creek, Colorado
In Oak Creek, CO, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. The assessed value is a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. In Oak Creek, the median home price is $526,925, resulting in a median tax bill of $1,615, which is below the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. For instance, the tax bill at the 25th percentile is $1,611, while at the 75th percentile, it is $1,619, showing a relatively narrow range. Homeowners in Oak Creek benefit from relatively low property taxes, which can make homeownership more affordable compared to other regions with higher rates. However, it is crucial for homeowners to stay informed about any changes in property assessments or tax rates that could affect their annual tax obligations.
Average Oak Creek Tax Bill
$1,615
Average Rio Blanco County Tax Bill
$651
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak Creek, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80467 | $1,609 | $1,611 | $1,615 | $1,619 | $1,621 |
Source: Ownwell